WANDA – Fortis Green Renewables, a renewable energy investment firm investing out of its Green Fund I, has acquired a minority stake of 40% in Rwaza Hydropower Ltd., a 2.6 MW operational run-of-river hydropower plant in Musanze, Rwanda.

Fortis Green Renewables and the seller group signed a share purchase agreement in November 2023, which initiated the acquisition.

The investment represents a significant step in the development of Green Fund I, according to a release, as it provides access for investors to a stable and steady operational asset in the attractive Rwandan market.

Rwaza began operations in early 2019 and has provided reliable power to the Rwandan grid via a 25-year power purchase agreement with the Rwanda Energy Group (REG). 

The project was developed by DC Hydropower Ltd., responsAbility Renewable Energy Holding (now known as Serengeti Energy), and Frontier Energy. Frontier sold its position to Serengeti Energy March 2023. Fortis Green Renewables’ investment in Rwaza was completed via a full acquisition of DC Hydropower Ltd.

“We have been tracking Rwaza for several years and are pleased to add it to our Green Fund I portfolio. Fortis Green Renewables is committed to the development and operation of clean and renewable energy for the African continent and Rwaza fits perfectly into this vision”, said Jonathan Shafer, managing director of Fortis Green Renewables Investment Management.

In March last year, Serengeti Energy acquired a majority stake in Rwaza from Frontier Energy. Rwaza was Serengeti Energy’s first operational hydro plant commissioned in September 2018. The company partnered with DC Hydropower Limited and Frontier Energy on the project.

In October 2022, Serengeti Energy and Frontier Energy signed a share purchase agreement that initiated the acquisition of Frontier Energy’s entire stake in the project and on 29th March 2023 the acquisition was completed, supported by Bowmans as legal transaction advisor.

Serengeti Energy has an ambitious goal to have 300MWs of small to medium sized projects in its portfolio by 2030 in Sub-Sahara Africa. Becoming the majority owner in Rwaza will support this and our mandate of a brighter tomorrow. 

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